Higher-Education vertical now greater than 10% of annual
recurring revenue
VANCOUVER, May 15, 2018 /CNW/ - MediaValet Inc. (TSX-V:MVP),
a leading provider of enterprise class, cloud-based, digital asset
management (DAM) software, today announced its premium DAM package
has been selected by a top 100 U.S. university. At more than
US$50,000 per year in contracted
annual recurring revenue, they are MediaValet's largest higher
education ("Higher-Ed") customer. In the past year, revenue
from the Higher-Ed market has more than doubled as organizations
seek to solve their digitization challenges, and the vertical now
represents more than 10% of MediaValet's annual recurring
revenue.
After a competitive bid process, the university selected
MediaValet based on its differentiated platform capabilities,
unlimited support and users, proven customer success, and
innovative culture. The DAM package subscription includes
MediaValet's premium DAM, on-boarding services, and a number of
add-on productivity modules and integrations including: the newly
released Creative Spaces, Multi-Library and Content Publishing
modules, and integrations for Active Directory, Adobe Creative
Cloud and Dynamic Publishing. The subscription commenced on, and
was included in deferred revenue at, March
31, 2018, with a one-year contract term, and standard annual
renewal terms.
"We're very pleased with our success in the Higher-Ed market,"
stated David MacLaren, CEO of
MediaValet. "Having a critical mass of Higher-Ed customers enables
us to better learn, understand and solve for the needs of this
customer group, which is critical to the continued innovation and
development of our DAM. We've always received a lot of
interest from universities, but over the past year things have
truly come together and as a result, our annual recurring revenue
from Higher-Ed has more than doubled. With the addition of many
new, highly sought after, integrations and features in 2017, we now
address an institution-wide use case that is just beginning to
emerge. While we continue to work with organizations across all
industries and geographies, we're also starting to tailor our
solution for various industries as they naturally emerge as
dominant verticals in order to better help our customers move
faster, reach further and achieve more with their digital
assets."
As Higher-Ed organizations develop institution-wide digital
strategies to meet the growing digital asset management needs of
their various Schools, Colleges, Campuses, Faculties, Departments
and international locations, they face a number of challenges that
require an enterprise level, cloud-based hub-and-spoke solution.
This was a significant issue for this U.S. university, as they
sought to manage their central Office of Marketing and
Communications assets, but also to provide controlled user group
access for each of their seven colleges' Marketing and
Communications departments to manage their own content – a
challenge solved by MediaValet's Multi-Library module.
"The decision to implement a DAM system in an institution-wide
enablement in higher education is a positive step towards gaining
operational and intellectual control of organization's
content. Using DAM effectively can deliver greater continuity,
productivity and transparency which are key foundational steps to
managing a successful digital transformation in higher education,"
commented John Horodyski, Partner at
Optimity Advisors, a vendor-agnostic DAM consultancy.
The Higher-Ed vertical now joins the growing list of verticals
that generate more than 10% of MediaValet's recurring revenue,
including media and advertising, and hospitality and tourism
verticals. The MediaValet DAM is designed for organizations of all
sizes and market verticals, as the issues encountered in adopting a
digital asset strategy are common amongst most organizations.
Driving this multi-vertical adoption is MediaValet's unlimited
training, in-app user success guides and integration with Microsoft
Office 365, which enables institutions to effortlessly increase
adoption rates across all user levels and improve productivity at
each asset touch point.
About MediaValet Inc.
MediaValet stands at the
forefront of the enterprise cloud-based digital asset management
industry. Built exclusively on Microsoft Azure and available in 50
Microsoft data center regions around the world, MediaValet delivers
unparalleled enterprise class security, reliability, redundancy and
scalability while offering the largest global footprint of any DAM
solution. In addition to providing all core DAM capabilities,
MediaValet offers industry leading integrations into Slack, Adobe
Creative Suite, Microsoft Office 365, Oracle Marketing Cloud
(Eloqua), Drupal 8, WordPress, Hootsuite and many other
best-in-class 3rd party applications.
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SOURCE MediaValet Inc.
